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Prepare record the journal entries for each transaction

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anish Corporation's general ledger includes the following account balances:

Contributed Surplus$8,000

Common Shares$270,000

Retained Earnings$85,000

The Contributed Surplus account arose from net excess of proceeds over cost on a previous cancellation of common shares. The average cost of the common shares bought and cancelled in the first two transactions is $30 per share.

Question 1: Assuming that the above balances existed before any of the transactions that follow, record the journal entries for each transaction.

(a)Bought and cancelled 430 shares at $38 per share.

(b)Bought and cancelled 200 shares at $44 per share.

(c)Sold 3,200 shares at $41 per share.

(d)Sold 1,500 shares at $47 per share.

(e)Bought and cancelled 1,000 shares at $50 per share.

Reference no: EM132479133

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